Plans for 500,000 square feet of retail space at East Broad Street and U.S. 287 have stalled, and the project appears to be dead for now.
The City Council on Monday opted not to move forward with a resolution that would have provided $25.5 million in tax incentives for developers to build the shopping center called The Shops at Broad on the northeast corner of the intersection.
“There is no longer a mutual interest between the developer and the city at this time,” Mayor David Cook said.
Since the last council meeting, there have been limited discussions but nothing came of them.
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The city was considering a proposal to pay $25.5 million in infrastructure costs to the developers, Centennial Real Estate and CBL Properties. The money would have come from 50 percent of the city’s portion of sales tax generated by The Shops at Broad.
The item was first tabled at the Aug. 10 meeting after council members expressed concerns that the developer was asking too much for too little, with Councilman Stephen Lindsey calling the proposed plans “pedestrian.”
City Council reviewed plans to add the development along with an indoor sports facility, Fieldhouse USA, but the city instead decided to build the sports complex outside of the development.
The city and developers have been meeting about the project for about 1 1/2 years.
$184.6 million budget approved
In other business Monday, the council unanimously approved a budget for fiscal year 2016, which starts Oct 1. The $184.6 million budget includes increased spending on staffing, infrastructure and economic development.
Councilman Cory Hoffman was absent.
The general fund portion of the budget, $47,839,565, is an 8.3 percent increase from 2015.
One of the goals is to fill city positions that were left open when a hiring freeze was imposed in 2009. The budget commits $1.3 million to fill about nine positions, including dispatchers and parks operation personnel.
Spending on economic development includes revitalization of downtown. The city took ownership of a portion of Main Street and plans to spend $3 million to expand a Pond Branch Linear Trail in the downtown area.
The city expects revenues to grow, including permit fees.
City administrators project a jump to $2.2 million in permit fees, from $1.8 million in fiscal 2015. Among the projects coming online are South Pointe and Somerset. The first stage of South Pointe should bring an additional 300 to 400 homes and the Somerset development will bring more than 1,000 homes.
Dustin L. Dangli, 817-390-7770